Goldman Sachs has moved into the retail and fintech banking space with the introduction of Marcus by Goldman Sachs, an online platform offering unsecured personal loans to consumers.

Marcus by Goldman Sachs will provide products to help people manage their finances. The first product from Marcus is a fixed-rate, no-fee unsecured personal loan that enables customers to tailor their monthly payment options to fit their schedule and budget. Marcus, the firm claims, will benefit from the firm’s 147-year history of financial expertise, risk management and customer service.

Government and Corporate Clients

Marcus, named after Marcus Goldman, one of the firm's founders, is a significant departure for Goldman, which has traditionally avoided consumer-oriented banking, focusing instead on government and corporate clients.

The number of customers trying out Marcus will be limited by Goldman’s decision to allow applications solely from invited customers.

Initially, applications on Marcus.com will require a code that millions of prospective customers will receive by mail. Marcus will charge no fees.